Entain Records 8% Rise In EBITDA For FY25 After Group CFO Appointment

Entain has reported group underlying EBITDA of £1.16bn ($1.55bn) for the year ended 31 December 2025, an 8% increase on a constant-currency basis and exceeding company guidance. Total group net gaming revenue, including a 50% share of BetMGM, rose 8% on a constant currency basis year-on-year. Entain’s own NGR increased 4% on the same basis, while BetMGM delivered NGR growth of 33% on a constant currency basis.

Online NGR excluding the US increased 6% on a constant currency basis during the period. Retail NGR outside the US declined 1% on a constant currency basis. Entain reported an online underlying EBITDA margin of 25.7%, with an online underlying EBITDA of £1bn, a 9% rise on a constant currency basis. 

Adjusted cashflow reached £151m, due to a cash distribution from BetMGM and higher-than-expected underlying EBITDA. Also, Entain recorded a statutory loss after tax of £681m, including separately disclosed items and a £488m impairment linked to UK gambling taxation changes.

BetMGM Delivers First Full Year Of Profitability

BetMGM posted FY25 EBITDA of $220m, marking the joint venture’s first full year of positive earnings. Entain stated the result represented a shift to sustained profitability and enabled a $270m cash distribution to parent companies Entain and MGM Resorts.

Furthermore, Entain said the FY25 results keep the business on course to reach $500m in adjusted EBITDA by 2027. According to the CEO Stella David: “I am confident in Entain’s ability to deliver at least £500m of annual adjusted cashflow from 2028.”

FY26 Outlook And Leadership Transition

Entain expects online NGR growth outside the United States of between 5% and 7% on a constant currency basis in FY26. The group stated it remains comfortable with current market expectations for FY26 group underlying EBITDA. Online underlying EBITDA margin is forecast to range between 23% and 24% in 2026. This will mitigate around 25% of the financial impact of the UK’s increased online gambling tax taking effect on 1 April 2026.

The group also confirmed previously announced leadership changes within its finance team. Michael Snape joined the company as Group CFO designate on 2 February 2026. However, he is scheduled to become Group CFO and Executive Director on 6 March. Current CFO Rob Wood will step down after 13 years in the role, but remain with the company until June 2026 to assist with the transition.

Also, Entain expanded its live casino offering during February. The company launched Fishin’ Frenzy roulette live in partnership with Playtech and Blueprint Gaming, which has been released across their online gaming platforms.